Italy Inflation

Italy: Inflation picks up in October

October 31, 2014

According to preliminary data for October, consumer prices rose 0.1% over the previous month, which contrasted the 0.4% drop recorded in September and marked the highest value since August. The result was driven by higher prices for gas and electricity. Consumer prices rose 0.1% over the same month last year, which contrasted the 0.2% drop observed in the previous month. September’s result had marked the second consecutive annual drop in consumer prices since 1959. October’s increase contrasted the 0.1% drop the marked had expected.

Core consumer prices, which exclude more volatile categories, such as unprocessed food and energy, rose 0.1% in October over the previous month, which contrasted the 0.5% drop recorded in September. Annual core inflation inched up from 0.4% in September to 0.5% in October. Finally, annual HICP inflation averaged a record low 0.3% in October, which was slightly down from the 0.4% recorded in September.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.2% in 2014, which is down 0.1 percentage points from the previous month’s projection. For 2015, panelists expect inflation to average 0.7%, which is unchanged from last month’s Consensus.

Author:Dirina Mançellari, Senior Economist

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